Is Bitcoin Really Worth $1,000?

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Nov. 29 (Bloomberg) -- Bloomberg's Max Raskin reports on the value of Bitcoin on Bloomberg Television's "In The Loop." (Source: Bloomberg)

400 merchants accept bitcoin.

What is the range, what kind of businesses except it?

That is for their version of black friday.

It is anything from -- there is a dentist in finland that accepted, a bakery in san francisco, but it is definitely gaining a wider acceptance.

We know it was started by a group of programmers, and if you are on twitter, all you have to do is put in #bitcoin, and you can be part of a lot of different conversations.

You have been following this for a while.

What is the most important part of this phenomenon?

Right now, there is a company allowing 75,000 merchants to know except bitcoin -- you now accept the claim.

A friend has been following this for a while.

He owned gotham dream car.

He had been reluctant, but now that other companies are making it easy, and he is excepting it.

The more mainstream companies are excepting this, the higher the exchange rate could go.

You think it is important that this is the first big mainstream company that is excepting this.

It is not just a bakery, the dentist in finland.

Exactly.

Richard branson talked about how version will accept it for trips into outer space.

-- virgin will accept it for trips into outer space.

There is mainstream acceptance, fueling the price increase.

There have been illicit activities funded by bitcoin.

It has nothing to do with people who started bitcoin, but for three days, it lost something like 30%. to what extent does the potential volatility play into people's minds?

The volatility is a factor that will prevent it becoming a currency unless it stabilizes in a traditional sense, but the big drug market shut down, there was the 30% increase, but people saw that as legitimizing the currency because it showed the fbi could go out and tactically attack bad actors, but they did not have to shut down the currency.

The hearings they had in washington, d.c., were further validation of the currency.

What you think of bitcoin versus the dollar?

If you had to say what will this catch on, it sounds like your argument is yes.

It is not going to supplant the dollar, but he could become a legitimate place for money transferring and it will radically decrease the cost of transferring money.

That remains a $500 billion market.

Vox there are various parts of the banking system that could be disrupted -- there are various parts of the banking system that could be disrupted very soon?

Exactly.

And regulators will be interested in looking this -- into this?

Yes, but not killing it.

They are looking to regulate in a sensible way.

Max raskin, thank you, joining me on bitcoin.

This text has been automatically generated. It may not be 100% accurate.

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